This was disclosed in the group’s filing with the regulatory agencies and a media statement signed by Erhi Obebeduo on behalf of the bank yesterday.
The acquisition extends the bank’s aggressive expansion into non-banking operations. It comes a few months into its new operating model as a holding company. Commenting on the completion of the acquisition, Group Chief Executive Officer of the bank, Segun Agbaje, was quoted as saying: “We are excited about our foray into the wealth management space, as it provides us with the opportunity of becoming a one-stop-shop for financial services and products that will empower our customers through the course of their lives.
“As a dominant leader in financial services, we are positioned to add significant value to the asset management business in Nigeria and compete favourably with the largest global wealth managers in the areas of disclosure, corporate governance and regulatory compliance.”